logo


Stull, Stull & Brody Announces Class Action Lawsuit on Behalf of Shareholders of MF Global, Ltd.
Tuesday, August 26, 2008 3:29 PM


NEW YORK, NY -- (Marketwire) -- 08/26/08 -- Attorney Advertising. Notice is hereby given that Stull, Stull & Brody filed a lawsuit seeking class action status on August 25, 2008 in the United States District Court for the Southern District of New York on behalf of purchasers of MF Global, Ltd. ("MF Global" or the "Company") (NYSE: MF) common stock between March 17, 2008 and June 20, 2008, inclusive (the "Class Period").

Plaintiff seeks to recover damages on behalf of all those who purchased or otherwise acquired MF Global common stock during the Class Period, which is between March 17, 2008 and June 20, 2008. If you purchased or otherwise acquired MF Global common stock during the Class Period you may wish to apply to the Court to serve as lead plaintiff in the action. If you purchased MF Global common stock during the Class Period, you may request that the Court appoint you as lead plaintiff no later than September 29, 2008.

The Complaint asserts claims against defendants MF Global and certain of its officers and directors for violations of federal securities laws, including Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. The complaint alleges during the Class Period defendants issued materially false and misleading statements regarding the Company's capital and financial results and concealed the material deterioration in the Company's business and the insufficiency of its capital which would necessitate additional offerings of securities and dilution of the ownership interest of MF Global investors. As a result of defendants' false statements, MF Global stock traded at artificially inflated prices during the Class Period, reaching a high of $14.98 per share in May 2008.

On June 17, 2008, MF Global issued a press release announcing its intention to sell approximately $300 million in convertible stock and bonds to repay a bridge loan due in December and updating its current fiscal first quarter 2009 earnings estimates. The expected revenues were well below the levels MF Global's management had led the market to expect just weeks earlier. As a result of this news, MF Global's stock dropped to close at $7.83 per share on June 18, 2008, a decline of 43% from June 17, 2008.

On June 19, 2008, The Wall Street Journal published an article regarding the Company's planned $300 million offering and its other recent problems, including a probe by the Commodity Futures Trading Commission. On this news, MF Global's stock dropped to $6.68 per share on June 20, 2008, a decline of 55% from the Class Period high of $14.98 per share in May 2008.

A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in New York and Los Angeles.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, by fax to 1-212-490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Attorney Advertising. Prior Results Do Not Guarantee A Similar Outcome.

Contact:
Tzivia Brody, Esq.
Stull, Stull & Brody
Email Contact
Toll Free: 1-800-337-4983
Fax: 1-212-490-2022

(Source: Market Wire )


(0)
No Comments
Post Comment
Name:  
Alert for new comments:
Your email:
Your Website:
Title:
Comments:
   
 
 
 
 
   
 

  
Related Press Releases
Advertisement
Popular Articles
Advertisement
Partner Center
Fundamental data is provided by Zacks Investment Research, market data is provided by AlphaTrade. , and Commentary and Press Releases provided by Quotemedia